After a gap and sharp decline in October, Citrix (CTXS) found
support near its resistance breakout (~37). Bounces in early November and early December confirm support in the 37-38 area. With a triangle consolidation taking shape the last six weeks, the direction of the breakout holds the key to the next move.
Click chart for more details.
Click chart for more details.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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